At 80 million strong, millennials are the largest age group in American history.1 And they are facing a world of great financial uncertainty and opportunity.
This article kicks off a 12-part series on millennials’ unique financial challenges and creative ways to solve them. We’re focusing first on student debt, since it is a leading source of stress for many young adults.
More educated than previous generations, one-third of millennials have at least a college degree2 and the average student loan debt for a 2016 graduate was just over $37,000.3 That figure is important. Gallup research found that when a student’s debt load reached $25,000, they began to see it less as an “acceptable investment” and more as a “source of existential dread.”4 That deep level of stress can rob young adults of the joy and excitement they should have starting out in life.
Here are some financial hacks that can help millennials get out from under student debt.
Research tells us that working Americans who are most confident, financially and emotionally, put a high priority on living within their means, sticking with a plan and deferring gratification. It’s a recipe for success for those who want to pull themselves out of student debt, as well.
2018-53648 Exp. 01/2020
James Matthews is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 4201 Congress St., Suite 295, Charlotte, NC 28209. (704) 552-8507. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is an indirect, wholly-owned subsidiary of Guardian. BluePrint Holdings is not an affiliate or subsidiary of PAS or Guardian.